Guinea-Bissau paid a weighted average yield of 8.16% on three-year bonds at a regional market auction on November 2, up from 8.10% on October 19, the regional debt agency UMOA-Titres said. The Treasury raised 7.5bn FCFA (€11.4mn) in all. Investors bid 2.5bn FCFA (€3.8mn) for one-year bills, matching the planned amount, but the Treasury retained only 500mn FCFA (€0.76mn). It sold 7bn FCFA (€10.7mn) of bonds instead, 2bn FCFA more than planned.
Analysis: Three-year borrowing costs have climbed 0.94 percentage points since September 8 and now exceed Côte d'Ivoire's comparable October 27 yield by 1.79 points, by our calculation. Demand improved, with bids roughly double the amount offered, but most bond orders came from Burkina Faso, Benin and Togo, while domestic investors preferred bills. By accepting more three-year bonds and fewer one-year bills than planned, the Treasury secured longer funding at a higher cost. The next 7.5bn FCFA auction, scheduled for November 16, will test whether demand and yields hold.
Source: UMOA-Titres (regional agency, Dakar), UMOA-Titres, results report (compte rendu) of the Guinea-Bissau Treasury bill and bond auction of November 2, 2026, Auction of November 2, 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, results page of the Côte d'Ivoire Treasury bill and bond auction of October 27, 2026, Auction of October 27, 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 19.10.2026, 19 October 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 12 October 2026, 12 October 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 28 September 2026, 28 September 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 08.09.2026, 8 September 2026; UMOA-Titres, UMOA-Titres, Calendrier d'émissions oct.-nov.-déc. 2026, 2 November 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Bulletin des statistiques du Marché des Titres Publics, 3e trimestre 2026 (42e numéro, posted October 19, 2026), Q4 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 11 August 2026, 11 August 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, results page of the Guinea-Bissau Treasury auction of May 4, 2026, Auction of May 4, 2026